Smith Graham & Co. Investment Advisors LP Decreases Position in WEX Inc (WEX)
Smith Graham & Co. Investment Advisors LP decreased its position in shares of WEX Inc (NYSE:WEX) by 1.1% during the 1st quarter, HoldingsChannel reports. The fund owned 54,851 shares of the business services provider’s stock after selling 600 shares during the period. WEX accounts for about 1.2% of Smith Graham & Co. Investment Advisors LP’s holdings, making the stock its 11th largest position. Smith Graham & Co. Investment Advisors LP’s holdings in WEX were worth $10,531,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of WEX. Renaissance Technologies LLC increased its holdings in WEX by 281.7% during the 3rd quarter. Renaissance Technologies LLC now owns 66,800 shares of the business services provider’s stock worth $13,411,000 after purchasing an additional 49,300 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in WEX by 14.5% during the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,204,643 shares of the business services provider’s stock worth $231,279,000 after purchasing an additional 152,398 shares during the period. Ipswich Investment Management Co. Inc. purchased a new stake in WEX during the 4th quarter worth about $32,000. Advisors Capital Management LLC purchased a new stake in WEX during the 4th quarter worth about $363,000. Finally, Texas Permanent School Fund increased its holdings in WEX by 4.0% during the 4th quarter. Texas Permanent School Fund now owns 28,206 shares of the business services provider’s stock worth $3,951,000 after purchasing an additional 1,092 shares during the period. 99.48% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have weighed in on WEX. Mizuho upped their price target on WEX from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. William Blair restated an “outperform” rating on shares of WEX in a report on Thursday, March 21st. BTIG Research set a $225.00 price target on WEX and gave the stock a “buy” rating in a report on Tuesday, April 2nd. SunTrust Banks upped their price target on WEX from $170.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Finally, Robert W. Baird began coverage on WEX in a report on Thursday, April 4th. They set a “neutral” rating and a $220.00 price target on the stock. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $201.42.
WEX (NYSE:WEX) last released its quarterly earnings data on Wednesday, March 20th. The business services provider reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.01. WEX had a return on equity of 18.30% and a net margin of 11.18%. The business had revenue of $381.20 million for the quarter, compared to the consensus estimate of $372.57 million. During the same quarter in the prior year, the business posted $1.49 EPS. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. As a group, analysts predict that WEX Inc will post 8.46 earnings per share for the current fiscal year.
In related news, CEO Melissa D. Smith sold 5,000 shares of the company’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $200.00, for a total value of $1,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 75,783 shares of the company’s stock, valued at approximately $15,156,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider David G. Cooper sold 167 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $186.05, for a total value of $31,070.35. Following the completion of the sale, the insider now directly owns 14,674 shares of the company’s stock, valued at $2,730,097.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,244 shares of company stock worth $2,204,713. Company insiders own 4.57% of the company’s stock.
WEX Inc provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services.
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